Download GTU (Gujarat Technological University) MBA (Master of Business Administration) 2015 Winter 3rd Sem 2830009 Corporate Taxation Previous Question Paper
Seat No.: ________ Enrolment No.___________
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA ? SEMESTER 3 ? EXAMINATION ? WINTER 2015
Subject Code:2830009 Date: 02/12/2015
Subject Name: Corporate Taxation
Time: 10.30 am to 01.30 pm Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1 (a) Answer the following multiple choice questions 6
1. The following are Indian companies:
A. An institution declared by the Board
to be a company under section 2(17)
B. A company established
under an Act passed by
the Parliament
C. Both of above D. None of above
2.
X Ltd. a foreign company manages its affairs partly from India and partly
outside India. X Ltd. is said to be:
A. Resident in India B. Non-resident in India
C. Resident and ordinarily resident. D Resident but not
ordinarily resident
3.
Semi-finished goods are sold by a foreign holding company to an Indian
subsidiary company. The most appropriate method in this case is:
A. Cost plus method B. Profit split method
C. Re-sale price method D. None of above
4.
In the case of an Indian company, the following incomes are chargeable to tax:
A. Income earned outside India and
received outside India
B. Income earned in India
but received outside
India
C. Income earned outside India and
received in India
D. All of above
5.
Tonnage tax scheme is applicable in the following cases:
A. Foreign shipping company B. Indian shipping
company
C. Limited liability partnership in
shipping industry
D. All of above
6.
Exemption in respect of value of leave travel concession is available in respect
of :
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Seat No.: ________ Enrolment No.___________
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA ? SEMESTER 3 ? EXAMINATION ? WINTER 2015
Subject Code:2830009 Date: 02/12/2015
Subject Name: Corporate Taxation
Time: 10.30 am to 01.30 pm Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1 (a) Answer the following multiple choice questions 6
1. The following are Indian companies:
A. An institution declared by the Board
to be a company under section 2(17)
B. A company established
under an Act passed by
the Parliament
C. Both of above D. None of above
2.
X Ltd. a foreign company manages its affairs partly from India and partly
outside India. X Ltd. is said to be:
A. Resident in India B. Non-resident in India
C. Resident and ordinarily resident. D Resident but not
ordinarily resident
3.
Semi-finished goods are sold by a foreign holding company to an Indian
subsidiary company. The most appropriate method in this case is:
A. Cost plus method B. Profit split method
C. Re-sale price method D. None of above
4.
In the case of an Indian company, the following incomes are chargeable to tax:
A. Income earned outside India and
received outside India
B. Income earned in India
but received outside
India
C. Income earned outside India and
received in India
D. All of above
5.
Tonnage tax scheme is applicable in the following cases:
A. Foreign shipping company B. Indian shipping
company
C. Limited liability partnership in
shipping industry
D. All of above
6.
Exemption in respect of value of leave travel concession is available in respect
of :
2
A. Two journeys performed in a block
of four years
B. One journey performed
in a block of four years
C. Three journeys performed in a block
of four years
D. None of the above
Q.1 (b) Define the following:
a) Company
b) Indian Company
c) Domestic Company
d) Companies in which public are substantially interested.
04
Q.1 (c) Explain deductions available to the assessee under following sections:
a) Section 80D - Deduction in respect of Medical Insurance Premium
b) Section 80EE-Deduction in respect of Interest on Loan taken for
residential house Property.
04
Q.2 (a) Describe any 14 incomes that are exempted from tax. 07
(b) Mr. Tejas has been offered an employment by Gagan Ltd with two options:
Option I: On monthly salary of Rs. 1,80,000 OR
Option II:Mr.Tejas can take the same salary in different
forms/allowances/perquisites as under:
Particulars Amount
Basic Salary 800000
Employer?s contribution towards recognized provident fund 96000
Transport allowance for commuting between office and
residence
9600
Education allowance for two children 2400
Academic research allowance 10000
Uniform allowance 12000
Rent free house in Mumbai(rent paid by the employer) 690000
Free car with driver for official and private purpose (cubic
capacity of engine is 1.3 litres)
380000
Free telephone and mobile 80000
Leave Travel concession (twice in a block of 4 years period) 80000
Total Salary 2160000
Which option will be better from taxability point of view for Mr.Tejas?
07
OR
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Seat No.: ________ Enrolment No.___________
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA ? SEMESTER 3 ? EXAMINATION ? WINTER 2015
Subject Code:2830009 Date: 02/12/2015
Subject Name: Corporate Taxation
Time: 10.30 am to 01.30 pm Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1 (a) Answer the following multiple choice questions 6
1. The following are Indian companies:
A. An institution declared by the Board
to be a company under section 2(17)
B. A company established
under an Act passed by
the Parliament
C. Both of above D. None of above
2.
X Ltd. a foreign company manages its affairs partly from India and partly
outside India. X Ltd. is said to be:
A. Resident in India B. Non-resident in India
C. Resident and ordinarily resident. D Resident but not
ordinarily resident
3.
Semi-finished goods are sold by a foreign holding company to an Indian
subsidiary company. The most appropriate method in this case is:
A. Cost plus method B. Profit split method
C. Re-sale price method D. None of above
4.
In the case of an Indian company, the following incomes are chargeable to tax:
A. Income earned outside India and
received outside India
B. Income earned in India
but received outside
India
C. Income earned outside India and
received in India
D. All of above
5.
Tonnage tax scheme is applicable in the following cases:
A. Foreign shipping company B. Indian shipping
company
C. Limited liability partnership in
shipping industry
D. All of above
6.
Exemption in respect of value of leave travel concession is available in respect
of :
2
A. Two journeys performed in a block
of four years
B. One journey performed
in a block of four years
C. Three journeys performed in a block
of four years
D. None of the above
Q.1 (b) Define the following:
a) Company
b) Indian Company
c) Domestic Company
d) Companies in which public are substantially interested.
04
Q.1 (c) Explain deductions available to the assessee under following sections:
a) Section 80D - Deduction in respect of Medical Insurance Premium
b) Section 80EE-Deduction in respect of Interest on Loan taken for
residential house Property.
04
Q.2 (a) Describe any 14 incomes that are exempted from tax. 07
(b) Mr. Tejas has been offered an employment by Gagan Ltd with two options:
Option I: On monthly salary of Rs. 1,80,000 OR
Option II:Mr.Tejas can take the same salary in different
forms/allowances/perquisites as under:
Particulars Amount
Basic Salary 800000
Employer?s contribution towards recognized provident fund 96000
Transport allowance for commuting between office and
residence
9600
Education allowance for two children 2400
Academic research allowance 10000
Uniform allowance 12000
Rent free house in Mumbai(rent paid by the employer) 690000
Free car with driver for official and private purpose (cubic
capacity of engine is 1.3 litres)
380000
Free telephone and mobile 80000
Leave Travel concession (twice in a block of 4 years period) 80000
Total Salary 2160000
Which option will be better from taxability point of view for Mr.Tejas?
07
OR
3
(b) Alpha Ltd. (income above Rs. 100 crore) is contemplating an expansion
programme. It has to make a choice between debt issue and equity issue for
its expansion programme. Its current position is as under:
Particulars Rs. In crore
10% debt 80
Equity share capital(Rs. 10 per share) 200
Reserves and Surplus 120
Total Capitalisation 400
Sales 1200
Less: Total costs 1076
EBIT 124
Less : Interest 8
EBT 116
Less Tax @ 33.99% 39.4284
EAT 76.5716
The expansion programme is estimated to cost Rs. 200 crore. If this is
financed through debt, the new rate of debt will be 10% and the price earnings
ratio will be 6 times. If the expansion programme is financed through equity,
new shares can be sold getting Rs 25 per share; and the price earnings ratio
will be 7 times. The expansion will generate additional sales of Rs. 600 crore
with a return of 10 percent on sales before interest and taxes. If the company
is to follow a policy of maximising the market value of its shares, which form
of financing should it choose?
07
Q.3 (a) Explain the following terms with suitable example:
i) Tax Planning ii) Tax Avoidance iii) Tax Management iv) Tax
Evasion
07
(b) Reliable Engineers Ltd. manufactures electric pumping sets. The company has
the option to either make or buy from the market component X used in
manufacture of the sets.
The following details are available:
The component will be manufactured on new machine costing Rs. 1 lakh with
a life of 10 years. Assume discount rate to be 10% and rate of depreciation
for the machine is 15% WDV basis. Material required cost Rs. 2 per kg. and
wages Re. 0.30 per hour. The salary of the foreman employed is Rs. 1500 per
month and other variable overheads include Rs. 20,000 for manufacturing
25,000 components per year. Material requirement is 25,000 kgs and requires
50,000 labour hours. (assume tax rate = 33.99%)
The component is available in the market at Rs. 4.30 per piece.
Will it be profitable to make or to buy the component? Does it make any
difference if the component can be manufactured on an existing machine?
07
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Seat No.: ________ Enrolment No.___________
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA ? SEMESTER 3 ? EXAMINATION ? WINTER 2015
Subject Code:2830009 Date: 02/12/2015
Subject Name: Corporate Taxation
Time: 10.30 am to 01.30 pm Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1 (a) Answer the following multiple choice questions 6
1. The following are Indian companies:
A. An institution declared by the Board
to be a company under section 2(17)
B. A company established
under an Act passed by
the Parliament
C. Both of above D. None of above
2.
X Ltd. a foreign company manages its affairs partly from India and partly
outside India. X Ltd. is said to be:
A. Resident in India B. Non-resident in India
C. Resident and ordinarily resident. D Resident but not
ordinarily resident
3.
Semi-finished goods are sold by a foreign holding company to an Indian
subsidiary company. The most appropriate method in this case is:
A. Cost plus method B. Profit split method
C. Re-sale price method D. None of above
4.
In the case of an Indian company, the following incomes are chargeable to tax:
A. Income earned outside India and
received outside India
B. Income earned in India
but received outside
India
C. Income earned outside India and
received in India
D. All of above
5.
Tonnage tax scheme is applicable in the following cases:
A. Foreign shipping company B. Indian shipping
company
C. Limited liability partnership in
shipping industry
D. All of above
6.
Exemption in respect of value of leave travel concession is available in respect
of :
2
A. Two journeys performed in a block
of four years
B. One journey performed
in a block of four years
C. Three journeys performed in a block
of four years
D. None of the above
Q.1 (b) Define the following:
a) Company
b) Indian Company
c) Domestic Company
d) Companies in which public are substantially interested.
04
Q.1 (c) Explain deductions available to the assessee under following sections:
a) Section 80D - Deduction in respect of Medical Insurance Premium
b) Section 80EE-Deduction in respect of Interest on Loan taken for
residential house Property.
04
Q.2 (a) Describe any 14 incomes that are exempted from tax. 07
(b) Mr. Tejas has been offered an employment by Gagan Ltd with two options:
Option I: On monthly salary of Rs. 1,80,000 OR
Option II:Mr.Tejas can take the same salary in different
forms/allowances/perquisites as under:
Particulars Amount
Basic Salary 800000
Employer?s contribution towards recognized provident fund 96000
Transport allowance for commuting between office and
residence
9600
Education allowance for two children 2400
Academic research allowance 10000
Uniform allowance 12000
Rent free house in Mumbai(rent paid by the employer) 690000
Free car with driver for official and private purpose (cubic
capacity of engine is 1.3 litres)
380000
Free telephone and mobile 80000
Leave Travel concession (twice in a block of 4 years period) 80000
Total Salary 2160000
Which option will be better from taxability point of view for Mr.Tejas?
07
OR
3
(b) Alpha Ltd. (income above Rs. 100 crore) is contemplating an expansion
programme. It has to make a choice between debt issue and equity issue for
its expansion programme. Its current position is as under:
Particulars Rs. In crore
10% debt 80
Equity share capital(Rs. 10 per share) 200
Reserves and Surplus 120
Total Capitalisation 400
Sales 1200
Less: Total costs 1076
EBIT 124
Less : Interest 8
EBT 116
Less Tax @ 33.99% 39.4284
EAT 76.5716
The expansion programme is estimated to cost Rs. 200 crore. If this is
financed through debt, the new rate of debt will be 10% and the price earnings
ratio will be 6 times. If the expansion programme is financed through equity,
new shares can be sold getting Rs 25 per share; and the price earnings ratio
will be 7 times. The expansion will generate additional sales of Rs. 600 crore
with a return of 10 percent on sales before interest and taxes. If the company
is to follow a policy of maximising the market value of its shares, which form
of financing should it choose?
07
Q.3 (a) Explain the following terms with suitable example:
i) Tax Planning ii) Tax Avoidance iii) Tax Management iv) Tax
Evasion
07
(b) Reliable Engineers Ltd. manufactures electric pumping sets. The company has
the option to either make or buy from the market component X used in
manufacture of the sets.
The following details are available:
The component will be manufactured on new machine costing Rs. 1 lakh with
a life of 10 years. Assume discount rate to be 10% and rate of depreciation
for the machine is 15% WDV basis. Material required cost Rs. 2 per kg. and
wages Re. 0.30 per hour. The salary of the foreman employed is Rs. 1500 per
month and other variable overheads include Rs. 20,000 for manufacturing
25,000 components per year. Material requirement is 25,000 kgs and requires
50,000 labour hours. (assume tax rate = 33.99%)
The component is available in the market at Rs. 4.30 per piece.
Will it be profitable to make or to buy the component? Does it make any
difference if the component can be manufactured on an existing machine?
07
4
OR
Q.3 (a) Explain incidence of tax for company and HUF 07
(b) Tata Indicom Ltd. a company into telecommunication services, acquires a
telecom license on April 5, 2014 for a period of 15 years which ends on
March 31, 2029 (license fees being Rs. 15 lakh paid on May 6, 2014). The
license is transferred by the company on December 20, 2016 for:
(a) Rs. 6, 92,000 (b) Rs. 13, 70,000 or (c) Rs. 15, 60,000. Compute the
amount chargeable to tax.
07
Q.4 (a) Explain Capital Gain Tax Exemption under section 54 to 54GB 07
(b) ONGC has agreements (approved by the Government) with the following
three foreign companies which provide services and facilities to ONGC in
connection with prospecting for (or extraction/production of) mineral oils in
India:
Particulars A Inc. B Inc. C Inc.
Date of Agreement June 10, 1982 June 10,
1992
June 10,2002
Amount paid by
ONGC on account of
services provided by
foreign companies
(in Rs.)
90crore 90crore 90crore
Tax liability borne by
ONGC(in Rs.)
NIL 3.8007 crore 3.94807 crore
Find out the taxable income and tax liability of the foreign companies.
07
OR
Q.4 (a) Discuss Arm?s Length Price and explain in detail the methods of computing
ALP
07
(b) Arihant and Co. a firm, is engaged in the business of paper trading (turnover
of 2014-15 being Rs. 57,80,000). It wants to claim the following deduction:
Particulars Rs.
Salary and interest to partners 60,000
[as permitted by section 40(b)]
Salary to employees 4,90,000
Depreciation 2,70,000
Cost of material used 45,90,000
Other expenses 3,45,000
Total 57,55,000
Net profit
(Rs. 57,80,000 minus Rs. 57,55,00 ) 25,000
Determine the net income of Arihant and Co. for the assessment year 2015-
2016 assuming that a) long term capital gain is Rs. 40,000 and b) the firm is
eligible for deduction of Rs. 5,000 under section 80 G.
07
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1
Seat No.: ________ Enrolment No.___________
GUJARAT TECHNOLOGICAL UNIVERSITY
MBA ? SEMESTER 3 ? EXAMINATION ? WINTER 2015
Subject Code:2830009 Date: 02/12/2015
Subject Name: Corporate Taxation
Time: 10.30 am to 01.30 pm Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.
Q.1 (a) Answer the following multiple choice questions 6
1. The following are Indian companies:
A. An institution declared by the Board
to be a company under section 2(17)
B. A company established
under an Act passed by
the Parliament
C. Both of above D. None of above
2.
X Ltd. a foreign company manages its affairs partly from India and partly
outside India. X Ltd. is said to be:
A. Resident in India B. Non-resident in India
C. Resident and ordinarily resident. D Resident but not
ordinarily resident
3.
Semi-finished goods are sold by a foreign holding company to an Indian
subsidiary company. The most appropriate method in this case is:
A. Cost plus method B. Profit split method
C. Re-sale price method D. None of above
4.
In the case of an Indian company, the following incomes are chargeable to tax:
A. Income earned outside India and
received outside India
B. Income earned in India
but received outside
India
C. Income earned outside India and
received in India
D. All of above
5.
Tonnage tax scheme is applicable in the following cases:
A. Foreign shipping company B. Indian shipping
company
C. Limited liability partnership in
shipping industry
D. All of above
6.
Exemption in respect of value of leave travel concession is available in respect
of :
2
A. Two journeys performed in a block
of four years
B. One journey performed
in a block of four years
C. Three journeys performed in a block
of four years
D. None of the above
Q.1 (b) Define the following:
a) Company
b) Indian Company
c) Domestic Company
d) Companies in which public are substantially interested.
04
Q.1 (c) Explain deductions available to the assessee under following sections:
a) Section 80D - Deduction in respect of Medical Insurance Premium
b) Section 80EE-Deduction in respect of Interest on Loan taken for
residential house Property.
04
Q.2 (a) Describe any 14 incomes that are exempted from tax. 07
(b) Mr. Tejas has been offered an employment by Gagan Ltd with two options:
Option I: On monthly salary of Rs. 1,80,000 OR
Option II:Mr.Tejas can take the same salary in different
forms/allowances/perquisites as under:
Particulars Amount
Basic Salary 800000
Employer?s contribution towards recognized provident fund 96000
Transport allowance for commuting between office and
residence
9600
Education allowance for two children 2400
Academic research allowance 10000
Uniform allowance 12000
Rent free house in Mumbai(rent paid by the employer) 690000
Free car with driver for official and private purpose (cubic
capacity of engine is 1.3 litres)
380000
Free telephone and mobile 80000
Leave Travel concession (twice in a block of 4 years period) 80000
Total Salary 2160000
Which option will be better from taxability point of view for Mr.Tejas?
07
OR
3
(b) Alpha Ltd. (income above Rs. 100 crore) is contemplating an expansion
programme. It has to make a choice between debt issue and equity issue for
its expansion programme. Its current position is as under:
Particulars Rs. In crore
10% debt 80
Equity share capital(Rs. 10 per share) 200
Reserves and Surplus 120
Total Capitalisation 400
Sales 1200
Less: Total costs 1076
EBIT 124
Less : Interest 8
EBT 116
Less Tax @ 33.99% 39.4284
EAT 76.5716
The expansion programme is estimated to cost Rs. 200 crore. If this is
financed through debt, the new rate of debt will be 10% and the price earnings
ratio will be 6 times. If the expansion programme is financed through equity,
new shares can be sold getting Rs 25 per share; and the price earnings ratio
will be 7 times. The expansion will generate additional sales of Rs. 600 crore
with a return of 10 percent on sales before interest and taxes. If the company
is to follow a policy of maximising the market value of its shares, which form
of financing should it choose?
07
Q.3 (a) Explain the following terms with suitable example:
i) Tax Planning ii) Tax Avoidance iii) Tax Management iv) Tax
Evasion
07
(b) Reliable Engineers Ltd. manufactures electric pumping sets. The company has
the option to either make or buy from the market component X used in
manufacture of the sets.
The following details are available:
The component will be manufactured on new machine costing Rs. 1 lakh with
a life of 10 years. Assume discount rate to be 10% and rate of depreciation
for the machine is 15% WDV basis. Material required cost Rs. 2 per kg. and
wages Re. 0.30 per hour. The salary of the foreman employed is Rs. 1500 per
month and other variable overheads include Rs. 20,000 for manufacturing
25,000 components per year. Material requirement is 25,000 kgs and requires
50,000 labour hours. (assume tax rate = 33.99%)
The component is available in the market at Rs. 4.30 per piece.
Will it be profitable to make or to buy the component? Does it make any
difference if the component can be manufactured on an existing machine?
07
4
OR
Q.3 (a) Explain incidence of tax for company and HUF 07
(b) Tata Indicom Ltd. a company into telecommunication services, acquires a
telecom license on April 5, 2014 for a period of 15 years which ends on
March 31, 2029 (license fees being Rs. 15 lakh paid on May 6, 2014). The
license is transferred by the company on December 20, 2016 for:
(a) Rs. 6, 92,000 (b) Rs. 13, 70,000 or (c) Rs. 15, 60,000. Compute the
amount chargeable to tax.
07
Q.4 (a) Explain Capital Gain Tax Exemption under section 54 to 54GB 07
(b) ONGC has agreements (approved by the Government) with the following
three foreign companies which provide services and facilities to ONGC in
connection with prospecting for (or extraction/production of) mineral oils in
India:
Particulars A Inc. B Inc. C Inc.
Date of Agreement June 10, 1982 June 10,
1992
June 10,2002
Amount paid by
ONGC on account of
services provided by
foreign companies
(in Rs.)
90crore 90crore 90crore
Tax liability borne by
ONGC(in Rs.)
NIL 3.8007 crore 3.94807 crore
Find out the taxable income and tax liability of the foreign companies.
07
OR
Q.4 (a) Discuss Arm?s Length Price and explain in detail the methods of computing
ALP
07
(b) Arihant and Co. a firm, is engaged in the business of paper trading (turnover
of 2014-15 being Rs. 57,80,000). It wants to claim the following deduction:
Particulars Rs.
Salary and interest to partners 60,000
[as permitted by section 40(b)]
Salary to employees 4,90,000
Depreciation 2,70,000
Cost of material used 45,90,000
Other expenses 3,45,000
Total 57,55,000
Net profit
(Rs. 57,80,000 minus Rs. 57,55,00 ) 25,000
Determine the net income of Arihant and Co. for the assessment year 2015-
2016 assuming that a) long term capital gain is Rs. 40,000 and b) the firm is
eligible for deduction of Rs. 5,000 under section 80 G.
07
5
Q.5 Mr. Mukesh Ambani is interested in starting a new business, but is confused
whether a partnership firm is a better option or a private limited company for
taxation working. He approaches the tax consultant and provides him with
the following details:
If a partnership firm is started:
1. There are two partners Mr. Mukesh and Ms. Nita with an equal share
of profit.
2. They want to draw the maximum permissible amount as salary. Both
the partners will draw equal salary.
3. Income is from business (not from profession).
4. They are entitled to simple interest at the rate of 12% on the capital
contribution of Rs. 10,00,000.
5. They do not have any other income.
If a private limited company is incorporated:
1. Mr. Mukesh and Ms. Nita will be the two shareholders and directors
of the company.
2. They will draw salary. As there is no maximum ceilings under the
Income tax Act, they will draw salary @ 90% of profit up to Rs.
3,00,000 of profit and 60% of balance. It is assumed that provisions
of section 40A(2) are not attracted.
Assume taxable income before deduction of salary and interest to partners in
case of firm and taxable income before payment of salary to the directors is
either i) Rs. 10,00,000 or ii) Rs. 20 ,00,000
As a tax consultant you are required to analyze the tax incidence under each
level of income for firm and company and advise accordingly.
14
OR
Q5 Flipkart online services pvt ltd is looking for a Packaging machine to support
growing demand of various products ranging from Electronic goods to Home
appliance and is considering various options as under:
i. The machine can be purchased for Rs. 1,00,000. The depreciation rate
is 15% and the corporate tax rate 34.608%. The weighted average cost
of capital is 10%. The life of the machine is 10 years.
ii. A loan of Rs. 75,000 can be had by accepting public deposits at the
interest rate of 9% for financing the investment in Packaging machine.
It is assumed that the public deposits are repaid after 10 years.
iii. On the other hand, the same machine can be obtained on lease. The
lease rentals are at the rate of Rs. 34,000 per annum for the primary
lease period of 5 years. Beyond this peppercorn rentals of Rs. 600 per
annum are to be paid. A lease management fee of Rs. 1000 is payable
on inception of lease.
Conclude whether Flipkart should Purchase the machine with own funds,
Purchase the machine with borrowed funds or should take it on lease.
14
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This post was last modified on 19 February 2020